Markets welcome US-Iran peace deal but prices may stay high as buyers race to refill depleted emergency crude stockpiles
Oil prices hit three-month low and markets rally
After more than 100 days of the greatest recorded disruption to the world’s energy supplies, the global oil and gas markets have breathed a sigh of relief.
Hours after Donald Trump confirmed that a US-Iran peace deal would lead to the reopening of the strait of Hormuz for tankers carrying millions of barrels of oil and gas, the price of Brent crude tumbled to lows of $82 a barrel. Wholesale gas prices fell about 6%.
What we know
This is a developing story. Our newsroom will follow the latest updates and market reaction in the hours ahead.
Source: The Guardian